PNM Resources earnings down in Q3 - New Mexico Business Weekly:

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million in “ongoing earnings” in the third quartee of 2008 — a substantial drop from the $35.3 million it earned in the same quarterlast year. Ongoinfg earnings per diluted share cameto $0.2u7 in the third quarter, down from $0.46 in the same period in 2007. Ongoinvg earnings exclude one-time gains and charges. For the firs t nine months of this year, PNM reported ongoing earningsof $19.e million, or $0.24 per diluted share. That represents a 76 percentg drop from the first nine monthsof 2007, when the company reported $80.2 million in ongoinfg earnings, or $1.
03 per diluted Earnings in the third quarter of 2008 were affectee by Hurricane Ike, which struck the Texas Gulf Coast in September. The hurricane reducedx sales volumesat PNM’s Texaa subsidiaries — and . The hurricane also depressed wholesalw power prices and limited saless opportunitiesfor , whicnh is jointly owned by PNM Resourceas and . On the other hand, ongoing earnings at improverd in thethird quarter, thanks to approvapl of a rate hike and a fuel clause by the Publicf Regulation Commission in the spring. PNM electrixc had $28.7 million in ongoin g earnings in thethird quarter, or $0.33 per diluted share. That compares with $20.9 or $0.
27 per diluted in the same periodin 2007. Despite lowe r ongoing earnings, PNM Resources’ financial resultsz in the third quartef demonstrate improvement in two key said Chairman and CEO Jeff Sterba in anews “First, the PNM electric utility performancew improved as a result of having a fuel clause in place and the implementation of new electric rates, whicg are the first steps of several designedc to restore PNM back to financial Sterba said. “Second, Energy Co. had a stronb quarter, despite the lower power pricesd that were prevalent throughout Texas as a resulof Ike. We expect Energy Co.
to perform well movint forward, but we also expect power prices to be depressedc wellinto 2009.” PNM Resourcesx (NYSE: PNM) is an energy holding company basedd in Albuquerque. Through its utility and energy subsidiaries, PNM Resources servea electricity toapproximately 845,000 homes and businessesz in New Mexico and Texas, and natural gas to nearly 492,000 customers in New Mexico.